RE:$8 million RaisedNews wrote: The company expects to complete one or more additional tranches of the Offering over the next several weeks for total proceeds of up to $8 million inclusive of proceeds raised to date.
Actually, the company raised $3.1M, which means that, inclusive of the current amount raised, they still need an additional $4.9M to complete the $8M private placement. The immediate benefit would be that LOY avoids a default on debt. The bad news is the future dilution.
In terms of timeline, Q2E comes out at the end of August, the private placement should close on or before September 10th. If Q2E is good and if the private placement closes without a hitch, then LOY is out of the quicksand. If they generated positive cashflow in Q2, then they would be in a good cash position for the rest of 2015 during the restructuring.
Q2E is a crucial moment for the company. How will they word the news? How much money will be in the bank? How much organic growth are we expecting? How much budget cut will we see? These are all relevant questions.